CBA sells EDS stake

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The Commonwealth Bank of Australia has sold its 35 percent stake in EDS Australia to the services giant's US parent company.

The Commonwealth Bank of Australia (CBA) has sold its 35 percent stake in EDS Australia (EDSA) to the services giant's US parent company.

In a statement issued on Thursday, EDSA chairman Steve Schuckenbrock said that deal was a "measure of the maturity of the Commonwealth Bank-EDS relationship that the time is right for the transaction to occur".

"When the Commonwealth Bank and EDS announced the 10-year contract in 1997, an important part of the deal was for the bank to take an equity position with EDSA.

"However, a jointly owned company is not required for EDS and the Commonwealth Bank to have a strong, constructive business relationship moving forward," he said.

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